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Warrants

6 Months Ended

Oct. 31, 2025

Note 15 - Warrants

Pre-Funded Warrants

During the three months ended October 31, 2025, the Company issued Pre-Funded Warrants exercisable for 7,750,510 shares of Common Stock in conjunction with the PIPE transaction. The Pre-Funded Warrants are exercisable for a nomination consideration of $0.0001 per share, are exercisable immediately and may be exercised at any time until all of the Pre-Funded Warrants issued in the Private Placement are exercised in full. The measurement of fair value of the Pre-Funded Warrants was determined based on the fair value of the underlying Common Stock on the issuance date given the nominal exercise price.

Stapled Warrants

During the three months ended October 31, 2025, the Company issued Stapled Warrants exercisable for 49,504,988 shares of Common Stock in conjunction with the PIPE transaction. The Stapled Warrants are exercisable immediately and may be exercised at any time until three years from issuance for an exercise price of $15.15 per share. The warrants contain a mandatory exercise right for the Company to force exercise of the warrants if the volume-weighted average price (“VWAP”) of the common stock exceeds $20.20 for 20 out of 30 trading days. Stapled Warrants are classified as liability as they are not considered indexed to the Company equity shares in accordance with ASC 815-40 due to certain adjustments to settlement amount on events that are not within the control of the Company. The following table provides a summary of changes in fair value of the Company’s warrant liability, determined using Level 3 inputs:

Schedule of Warrant Liability

	Amount
Fair value at issuance	$	304,950,726
Change in fair value during the period		(206,818,087	)
Fair value as of October 31, 2025	$	98,132,639

The Company used the Monte-Carlo option model to compute the fair value (level 3) of the Stapled Warrants. The following table summarizes the inputs used in the valuation of the Stapled Warrants:

	August 5, 2025			October 31, 2025

Stock price	$	17.77		$	7.42
Expected volatility		70	%		85	%
Simulated Trading Days		754			692
Risk-free interest rate		3.60	%		3.57	%
Dividend yield		-			-
Holding period (years)		3			2.76

During the period June 7, 2025, to October 31, 2025, a total of 119,535 warrants were exercised on a cashless basis resulting in the issuance of 17,582 shares of common stock.

The following table summarizes information about warrants outstanding at October 31, 2025:

Schedule of Warrant Outstanding

Warrants Outstanding at October 31, 2025		Exercise price
	49,504,988	$	15.15
	7,750,510	$	0
	472,590	$	60
	24,213	$	61.95

There were no outstanding warrants during the predecessor period from May 1, 2025 through June 6, 2025.